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Lies Or Disinformation About U.S. Oil? Either Way, Biden Is Lost And WE’RE PAYING FOR IT!

Thursday, President Biden addressed the media regarding his glorious fix-all for our “BindenFlation” egregious gasoline prices, which happens to be nothing more than political grandstanding. What’s his grand plan to turn the spicket on and gas prices down? Tap into U.S. Emergency oil reserves.

Duh…I don’t think this is classified as an emergency. But wait: maybe it IS an emergency, one fueled by the ignorance of the Commander In Chief regarding the fossil fuel industry.

Our problem, according to Joe, is a combination of U.S. oil companies hoarding oil to purposely raise prices so they can get filthy rich along with Putin’s invasion of Ukraine, which definitely added to the problem. But the problem is NOT due to the actions of the oil companies. In small part, Putin IS involved. But the major issue is the stupidity of this Administration at not understanding the governing process!

No decision from the White House happens in a vacuum. When Biden, on Day One, pulled the plug on the XL Pipeline and announced he’d cancel drilling on federal lands, his actions began the slide in the fossil fuel industry that brought us to the place we are today.

Rather than my personal pontification on the subject, let’s simply look at West Texas. The Permian Basin produces the lions’ share of oil the U.S. produces in total. Let’s look at what Biden’s executive actions regarding fossil fuel did to that massive source of oil and what will be required to “fix” the problem and get back to where we were during the Trump Administration.

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Summary

Energy Exploration and the process for producing and transporting energy products is deep, wide, and complicated. It, just as does most other businesses, is part of a business process that has many moving parts, many of which rely on the success of other parts. Biden obliterated that entire process in U.S. fossil fuel production when he canceled pipeline permits, not just that of XL Pipeline, but others.

He falsely blames oil companies for not drilling on leased land that has been under lease for quite a while. He explains that these companies want to see oil prices increase and go higher! He doesn’t know that every piece of leased land does NOT necessarily have oil or gas underneath the surface. Geological studies must be completed with findings that justify drilling. Then his Department of Justice frequently files suits against those companies to prevent drilling for environmental reasons! And then, the Biden Administration is responsible for issuing drilling permits when companies are ready to drill. And in 2021, the Biden Administration did NOT issue a single drilling permit — the first time that has happened in more than 20 years!

Do you think those oil executives felt good about borrowing tens of millions of dollars for exploration, drilling, and completing wells and then pipelines to get raw oil to refineries? They had NO assurances that Biden wasn’t going to shut it all down again. What investors want to roll the dice on that not happening in THIS administration?

One more thing: yes, the oil companies are making money today. In “Biden World,” that’s a crime — I get that. But if I were a decision-maker at Exxon, Mobil, or BP, I’d pull the plug myself to wait and see if the next president also decides to pander to the climate activists before putting another drilling rig to work on a wellsite.

By the way: I didn’t see anyone stand before the nation during the COVID-19 pandemic — about two years — and detail a plan to subsidize the fossil fuel energy that was actually losing money on every gallon of gas sold. Why did that happen? People weren’t driving — the nation was shut down. Who needs gasoline in that picture?

I cannot fathom who gives this president advice. And, whoever it is, I cannot fathom anyone in such a sensitive role ever advising this president for his actions today in the fossil fuel industry. Unless it’s sabotage — which is actually working –, no one with any knowledge of capitalism and the petroleum industry would dare to suggest the actions this president has taken.

Do you think Joe Biden is stupid? I won’t share my thoughts on that. But I’ll quote one great historical bard who gave us this nugget of wisdom years ago: “Stupid is as Stupid does.” No, that did not come from Plato or Socrates. But it came from an equally qualified man of wisdom.

Who proffered that truth? Forrest Gump!

 

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